Looks to Continue Providing Information to Congressional Leaders & Trump Administration
WASHINGTON, D.C. – The Insured Retirement Institute (IRI) released the following statement from IRI President and CEO Cathy Weatherford in response to the tax reform announcement made today by the Trump Administration and Congressional Leadership.
IRI was pleased to see our leaders in Congress and the Administration move forward today to advance the goal of enacting a comprehensive plan to reform our nation’s tax code. As thousands of Baby Boomers reach retirement age daily, they are facing complicated challenges in attaining the financial security they desire for their retirement. To help them address those challenges, it is critical that tax reform do all that is possible to safeguard provisions that encourage and enhance their abilities to save for a secure and dignified retirement.
Preserving the current treatment of retirement savings is enormously important to families, to small businesses, and ultimately America’s economy. That is why, we remain strongly in favor and urge the Members of Congress and the representatives of the President who are engaged in the tax reform conversation, to keep the goal of protecting and enhancing the way the current tax code treats retirement savings at the forefront of their discussions.
Enhancing Retirement Savings
IRI has been meeting with the Administration and Members of Congress, including all members of the House Ways and Means Subcommittee on Tax Policy and the Senate Finance Subcommittee on Taxation and IRS Oversight, urging the enactment of policies which will enhance retirement savings through tax reform and spur economic growth.
IRI looks forward to continuing our collaboration with the Trump Administration and Members of Congress on the proposals we have put forth on tax reform in letters we sent to the Administration and Members of Congress who are engaged in drafting the tax reform bill.
April 17, 2017 Letter to the Trump Administration
WASHINGTON, D.C. – The Insured Retirement Institute (IRI) today sent letters to the Trump Administration, the House, and the Senate regarding tax reform proposals. IRI President and CEO Cathy Weatherford issued the following statement:
“With 30 million Baby Boomers at risk of not having enough retirement income and 10,000 Americans reaching retirement age every day, it is vital that tax reform protect existing tax treatment and tax-deferred savings incentives that spur retirement savings and economic growth. These incentives play a key role in producing $25 trillion in retirement assets, accounting for 34 percent of all household assets in the United States. Data on global pension assets (defined contribution plans, defined benefit plans and IRAs) and data specific to annuities and the life insurance industry show that these assets are heavily invested in U.S equities and bonds and make other contributions that are vital to economic growth.
IRI is also urging policymakers to enact several specific provisions which have received broad bipartisan support and entail little revenue cost. These proposal will enhance retirement savings as part of tax reform. Finally, IRI expresses our positions on certain corporate tax provisions and points out the impact changes may have on our member companies’ ability to minimize costs and maximize benefits of annuities and other retirement security products. IRI appreciates this opportunity to work with legislators on beneficial changes that will ensure Americans have the secure and dignified retirement they deserve.”
The following are some of the key points IRI outlines in the letter
Support The Goals Of Tax Reform:
- Tax reform represents a key opportunity and IRI supports the goals of tax reform to increase economic growth and the competiveness of our tax system. With a growing economy, savings should increase with the right incentives. IRI stresses the importance of protecting retirement savers and making it easier for them to meet their savings goals.
Protect Retirement Savers:
- Preserve existing tax treatment and tax-deferred savings incentives that spur retirement security and economic growth.
- Maintain the diversity of different types and structures of retirement plans—such as 401(k), 403(b), and 457(f) plans—that are tailored for the employees of the private, governmental, church, educational and nonprofit sectors.
- Carefully, cautiously evaluate options – such as expanding Roth accounts – that depart dramatically from current incentives driving retirement savings; as such options pose a significant risk of causing negative behavioral impacts that impair retirement security.
Enact Enhancements That Make It Easier For Retirement Savers To Meet Their Goals:
- Common sense, bipartisan reforms—and core elements of IRI’s 2017 Retirement Security Blueprint— will increase workers’ access to lifetime income products and help Americans better prepare for a secure retirement.
About the Insured Retirement Institute
The Insured Retirement Institute (IRI) is the leading association for the retirement income industry. IRI proudly leads a national consumer coalition of more than 30 organizations, and is the only association that represents the entire supply chain of insured retirement strategies. IRI members are the major insurers, asset managers, broker-dealers/distributors, and 150,000 financial professionals.
As a not-for-profit organization, IRI provides an objective forum for communication and education, and advocates for the sustainable retirement solutions Americans need to help achieve a secure and dignified retirement. Learn more at www.irionline.org.